Category Archives: Centum

Longhorn at the NSE

On May 30, book publishing company Longhorn Publishers listed 58.5 million shares at the Nairobi Shares Exchange (NSE) at a price of Kshs. 14 per share, becoming the 59th  company on the exchange.  While they are said to be the first publisher on the exchange, they are not the first new media /creative company at the NSE.

Longhorn is 35% owned by  Centum Investments and the current NSE MD, Peter Mwangi, mentioned how he had sparked the process of leading Longhorn to list when he was the MD of Centum (formerly ICDCI)  as he gad seen that the company which had good growth, business plans, and management could end up as a company that could list at the exchange.

Longhorn is mainly a school books publisher with school publishing interests in Kenya (government is the largest book buyer) , and has  subsidiaries in Uganda and Tanzania (never been profitable), and their titles are now distributed in Rwanda, Malawi, and the Chairman also some titles are now sold via Amazon Kindle.

Centum and the Longhorn Chairman, Francis Nyammo in total own about 79% of the company and have undertaken not to reduce their combined shareholding to below 51% for the next two years.

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Investor Choice: December 2010

December is traditionally a slow investment month in Kenya, but not so this year with so many investment offers from a variety of sectors

Recap

– Bralirwa IPO is ongoing for Rwanda’s largest beer company. Nairobi stockbrokers who are facilitating the cross-border deal include Dyer & Blair, Faida, African Alliance and CFC Stanbic

– Deacons set out to raise Kshs 800 million ($10 million) in November. They extended the deadline to early December, and came up slightly short at Kshs 700 million which is still commendable for a low marketed company in a competitive industry with no immediate listing plans

– I&M Bank had a private placement to raise about 2.4 billion ($30 million) and is said to be past the mark

– The Kenya Power & Lighting Company – KPLC Rights issue set out to raise almost Kshs 10 billion ($125 million) in a combination share split, tights issue, government shareholding restructuring. It runs till December 22, but for new shareholders deadline is December 15 and is 50% underwritten with Centum and Equity bank.

– A second tranche of the Kshs 12 billion Safaricom bond program which aimed to raise Kshs 4.5 billion ($56 million) closed yesterday, and announcement is to be done today – (PDF)

– Airline Investors – away from retail investors we have the rarefied world of institutional investors and buccaneers in the aviation space in Africa

– (Via Flight Africa Blog) Jetlink expanding flights to (Asmara) Eritrea while Fly540 is to soon launch operations in Angola and Ghana
– Kenya Airways resumes flights to (Rome) Italy on December 16 which is its fourth European destination
– Recently, Rwanda Air launched flights from Rwanda to Dubai via Mombasa.
– Yemenia resuming flights to Kenya.
– East African, (who may or may not be in business) are promoting flights from Nairobi to (Hargeisa) Somaliland for $620
– And helicopter leasing is getting popular in Kenya, even at rates of $2,000 per hour.

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situs gacor

Kengen & other Nairobi Bonds

Lots of questions abound about whether its time to invest in bonds at the Nairobi stock exchange. From late last year when Mabati Rolling Mills launched a bond, 2009 has really been the year of the bond with the clincher being the successful Kenya government infrastructure bond of February 2009.

Now ongoing now is the Kengen PIBO for which Kainvestor reviews the prospectus. It offers a 12.5% and the minimum subscription is 100,000 shillings (~$1,316)

Next expected next is a Safaricom bond, a Centum bond ( 2 billion), and more tranches from CFC Stanbic and Barclays. It’s quite a turnaround from 2007 when companies like Athi River Mining, Safaricom and Celtel Kenya (now Zain) all redeemed /repaid bond investors at a time of low-interest rates.

Track all the corporate bonds at the NSE daily bond report and these include East African development Bank, Barclays, Faulu Kenya, Mabati, PTA Bank, Athi River Mining, Sasini and CFC Stanbic

Buy bonds directly from stockbroker agents, but if still unsure of the process, consider investing through bonds funds such as those from Old Mutual Kenya and Dyer & Blair Investment Bank – Kachwanya reports that investors can even access the Kengen Bond at ½ the prescribed price – paying just Kshs 50,000 (~$650) instead of the subscription minimum of 100,000.

Stocks versus bonds? in the long run, as shown by this stockskenya thread, shares are likely to outperform bonds – even the generous 12% Kengen bond.

EDIT also on offer is Uchumi Bond 10% convertible shareholders’ debenture is on. Press reports say it was valued at 12 shillings each by KPMG and is available at a discount of 10/= to shareholders of the company. The funds raised will be used to restructure the balance sheet, which should lead to the end the receivership, and re-listing of the company’s shares at the NSE.

Uchumi Financial Results

published by Specialized Receiver Manager – September 2009
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situs gacor

Centum seeks Carbacid

and other Bank Twits

Twitter is a micro-blogging tool that is really nifty for doing mini-posts, forwards and other remarks that (are on any subject) and are maybe not worthy of a full blog post. Here’s a summary of my week on Twitter:

– @louizah Zain Vuka has ended? Please confirm
– @NTV showing IFC-funded docu on women entrepreneurs – meaning manu-arsenal will be on tape delay – WHY? next @NTV ditched a static-filled channel & skipped their ‘half time’ piece to present second half live, on a much clearer signal! Kudos
– Sports journo era over? Player asks for trade on blog team obliges on Twitter player thanks fans on Facebook http://tinyurl.com/d967eu
– blog post Why Safaricom should spin-off MPesa http://bit.ly/gYZ86
– The Central Bank of Kenya reports have become incomprehensible B.S
– Upgraded Safaricom Investor relations page has media and CEO briefings http://bit.ly/VBZ2f
– Tanzania will now recognize Kenya manufacturers mark of quality http://bit.ly/USZHg
– Delta Air round-trip intro fares from Nairobi include (ex-tax) $650-NY/DC, $975-ATL/Chi/ Dallas, $1124-LA/SF and $1440-Detroit
– @kahenya @jamesmurua likes Riviera, which has good crowd and facilities, but beer is pricey and the place is a fire-trap
– So Joe Biden met Nairobi Mayor Majiwa in Chicago. There, that’s the end of the joke
– Safaricom CEO says M-Pesa not yet profitable http://bit.ly/TDV8D
– @leofaya says Kenyan promoters are killing Facebook http://bit.ly/zBHXB
– Today’s pavement uprooting is sponsored by Access Kenya – as the fibre optic railway is laid around Nairobi
– @Archermishale sports conspiracy goes that where a sport wants to sway a big game, they put in a low-quality ref, but didn’t happen on Wednesday
– Safaricom partners with Kenya’s largest bank KCB http://bit.ly/J4l92
– Kenya budget saga ($115 million) blamed on a typo – Quote ODB “N___ please!” http://tinyurl.com/p5hoyo
– blog post: two bank shareholder meetings same day same building same time http://bit.ly/86lNq
– @pinkm so you can only use debit, but not credit card to buy amazon books from KE? Interesting
– Ethiopian Air applies to fly from Nairobi to Amsterdam and Nairobi –Liege (Belgium)
– Land spin: Could there be a link between Migingo Island and the Kampala land Kenya got from the Uganda military?
– If MTN buy Yu or Access Kenya, they will have to negotiate with MTN matatu society for use of the name.
– blog post Its Our Turn to Eat (is credit card worthy) http://bit.ly/YnriQ
– NMG 2008 report gives prominent mention of new digital division, Making-Nation DVD and Zuqka portal http://tinyurl.com/qkcphc
– Centum applies to the CMA to buy Kshs. 350M of Carbacid shares and be the largest shareholder of the Nairobi listed (but suspended) company
– Senator cards advise customers to only upload to https, not http sites. It’s rare to find credit company giving card advice
– From Mars Group: Parliament’s Report on the Kenya Budget inconsistencies http://blog.marsgroupkenya….
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situs gacor

Missing the Centum party

(EDIT: Centum’s official Press release about the AGM)

When I last looked at Centum, the company was in the news due to CEO exit and a postponed AGM and postponed dividend.

Now it appears the AGM took place yesterday: I did not attend as I (i) had sold my shares (ii) did not see the invitation document before today (iii) forgot all about Centum AGM

From today’s reading, Centum sent out an annual report with updated sections but still the financial accounts for nine months to March 2008: it now includes mentions of departures of Isaac Awuondo (September 08), and CEO Peter Mwangi (October 2008) which coincided with the postponed AGM, and also welcomes on board new directors – Kibuga Karithi (September 08), Imtiaz khan (November 2008 – Cassias Capital Partners) and new CEO James Mworia (appointed October 2008, joined board December 2008) who came on board a week after Mwangi left – for greener pastures where he’s now the CEO of the Nairobi Stock Exchange (NSE)

No agenda: The invitation letter dated 1st December 2008 mentions that a shareholder presentation would take place on Thursday at 10, followed by the AGM at 11 – but no meeting agenda was contained.

The report also states that the (Centum) board believes that the annual general meeting provides an appropriate forum for investors to communicate with the board and encourages participation

Dividend day A company statement from October had mentioned that dividend would be paid at the January 14 AGM

So what happened?

Anonymous Comments posted yesterday include

Anonymous said… You gave the Centum AGM a skip???!! Here I was looking forward to a post on that.
Part of the drama was that the company’s attorney denied a proxy audience on the grounds that co. law does not expressly provide for proxies to be heard at an AGM. I wonder how corporate s/holders are supposed to voice their concerns at AGMs in that case?
Interestingly, a special agenda to have two directors (the Chairman and Chris Kirubi) removed was in the cards; no need to wait for the result of that coz it’s sure to flop since their stake in the co is significant.

Anonymous (New CEO) MainaT – I think he’s off to a good start. He managed the anti- C.K s/holder sentiment as best as these things can be managed i.e. by requesting the co. attorney to give an (erroneous) interpretation of co law to diffuse the anti C.K sentiments that were beginning to spiral out of ctrl.

Anonymous said… Centum don’t have an in-house co. attorney. They must have hired whoever was turning proxies at the door. Their co. sec. is not an attorney. Curiously, did they send the annual reports without the proxy forms? Extremely strange. Very strange. CMA should take a peek at this. Someone should write a stinker, otherwise, minority views will continue to be suppressed.

any more comments? and was the dividend paid or just declared?

Toxic Centum Last time Centum was in the news their CEO had departed, and Discount stockbrokers had collapsed. This time the news cycle is topped by the Triton fuel scam and the departures of the Chairman of the Capital markets Authority Chege Waruingi and Kenya Airports Authority CEO George Muhoho – (more from “airport expert” – Coldtusker )